Not many people have a legacy pension (ATT) version. Question to those that do Is the bump after 30 yrs are do you see bumps along the way "Modified Rule of 75" is this still a rule ?
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I have that one and have run numbers in many combinations. I never see a cliff at any time. It’s always just a linear progression. I went from occupational to mgmt about halfway through.
You can take the cash option as soon as you leave the company. The problem is that you might pay a penalty depending on your age, both the day you stop working and the day you claim it. Best way to avoid a penalty (if your age doesn't avoid it) is to roll it over into a Traditional IRA.
I was trying to find out how to take the cash out option and how soon I could do that.
Look into the Rule of 55. The rule of 55 is an IRS provision that allows you to withdraw money from your 401(k) or other qualified retirement plan without the 10% early withdrawal penalty if you leave your job in or after the year you turn 55. Fidelity will be able to help you with your specific scenario.
I believe the Stink no longer contributes to the L-T Pension Plan.
You can get these answers definitively by using the Fidelity modeling tool. It will be very close to what you will receive.
And BTW - you are correct not to leave your $ in the grubby hands of the Stink. He will steal it.
I wanted the Company annuity but I knew the Stink will a snake and instead took the cash balance and bought multiple annuities and found my monthly payout was almost 20% higher than the Stink's offer!
The Stink is a POS!
Talk to fidelity. They can walk you through all options and calculations.
I was trying to find out how to take the cash out option and how soon I could do that. I don't trust at&t with my money one second longer than my last day on payroll. I'll pay the penalty ..